Dubai is in demand

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by Kay Murchie

The majority of people living in Dubai will have noticed the changes. The increase in residents and tourists is evident, infrastructure, leisure facilities and the overall growth of business has progressed.

The number of visitors was 2 million in 1999 but this has risen to over 6 million in the year 2006. The demand for this destination has been increasing since the start of the millennium. In addition, the demand for accommodation is escalating and a large quantity of construction is being carried out in Dubai despite the soaring real estate prices. It is anticipating 15 million visitors in the next 5-7 years so accommodation has to double.

The hotel business is becoming an obsession for the businessmen of Dubai, many residential apartments have been transformed to hotel apartments. Businessmen see money coming from the hotel industry and the demand for hotel buildings, this has led to the growth of property prices.

There is a huge amount of residential buildings in Dubai and Sharjah yet to be given for occupation. The majority of these buildings are nearly complete and will be ready within 3-6 months.

Dubai is growing fast and the soaring property prices could be the over-exposed or speculated hotel business. People who visit Dubai for shopping or leisure activities are paying high prices to stay. Demand is high for hotel rooms and apartments. This is expected to continue for both the short and long term as there are many projects in the pipeline.